deposit of amount by sale of land
This query is : Resolved
SAGAR BAJPAI
(Querist)
28 May 2018
Respected members,
One of my client had deposited an amount of ₹6500000 in saving bank account, mutual funds and shares. The amount is received in consideration of sale of agriculture land (rural). IT deptt had send the notice in the year 2015. Compliance response is showing the same notices. I had filed the response as showing income is not taxable. will deptt issue any further notice after filing response?
Nikhil Kaushik
(Expert)
30 May 2018
if they have any additional query, then they make issue follow up notices. Is it not obvious?
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SAGAR BAJPAI
(Querist)
30 May 2018
In what time period may department issue notice in case of additional query?
Nikhil Kaushik
(Expert)
30 May 2018
they have a lot of time. Section 148 for example can be done even after 6 years from the end of assessment of year
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SAGAR BAJPAI
(Querist)
30 May 2018
AY YEAR IS 2012- 13 SO THEY CAN ISSUE NOTICE TILL 31 MAR 2019?
Nikhil Kaushik
(Expert)
30 May 2018
refer this https://www.incometaxindia.gov.in/charts%20%20tables/limitation%20periods.htm
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